1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
BTGO
Event Date
2026-01-22
Sector
Financials
Subsector
Financial Services
Offer Range
$18.00
Shares Offered
11.82M
Shares Outstanding Pre-IPO
104.56M
115.56M
$2.1B
10.2%
Implied Upside vs Midpoint
Description
We aim to be the digital asset infrastructure company of choice, allowing our institutional clients to safely secure, manage, utilize, and create digital assets through our holistic technology platform. Our mission is to accelerate the transition of the financial system to a digital asset economy. We seek to achieve this mission by providing the trust, technology, and infrastructure institutions seek to participate confidently in digital assets. Through our platform, we deliver secure and scalable solutions, offering self-custody wallet, qualified custody, liquidity and prime, and infrastructure-as-a-service to investors, builders, and other participants in the digital asset ecosystem. Today, our team is focused on expanding our platform to include a broader suite of financial services offerings, built on our foundational technology that institutional clients rely on to power their businesses. Our clients range from crypto-native companies that use our self-custody wallet technology to traditional financial services firms that leverage our licensed custody, staking, and trading capabilities within their own products and services. The Number of Clients and Number of Users we provided custody, wallet, liquidity (including staking, trading, and settlement) and infrastructure solutions to were over 4,900 and over 1.1 million, respectively, including digital asset ecosystem companies, financial institutions, technology platforms, corporations, and government agencies, as well as High Net Worth Individuals (“HNWIs”), in over 100 countries as of September 30, 2025. We supported over 1,550 digital assets and had approximately $104.0 billion in Assets on Platform (“AoP”) as of September 30, 2025. Our principal markets are the United States and other major financial centers in North America, Europe, and Asia. --- BitGo, Inc. was incorporated in Delaware in 2011 under the name “Whensoon, Inc.”, which was amended to “Twist and Shout, Inc.” later in 2011 and then to “BitGo, Inc.” in 2014. BitGo Holdings, Inc. was incorporated in Delaware in 2017. As part of a series of transactions between BitGo Holdings, Inc.(a newly formed entity at such time) and BitGo, Inc. in 2018, BitGo, Inc. became a wholly-owned subsidiary of BitGo Holdings, Inc., and the stockholders of BitGo, Inc. became stockholders of BitGo Holdings, Inc. Our principal executive offices are located at 101 S. Reid Street, Suite 307, PMB# 9793, Sioux Falls, SD 57103. Our telephone number is (650) 847-0009. Our website address is www.bitgo.com.
Post-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Class A Common Stock (listed) 1 vote per share · N/A | 106.7M | 92.3% | $1.9B |
Class B Common Stock 15 votes per share · 1 Class B → 1 Class A (convertible at holder's option; automatic conversion on certain events) | 8.86M | 7.7% | $159.4M |
| Total economic shares | 115.56M | 100% | $2.1B |
BITGO HOLDINGS, INC. annual income statement and balance sheet, FY 2025 to FY 2025, as reported in SEC filings.
| Metric | FY 2025 |
|---|---|
| Total assets | $4.5B |
| Total liabilities | $4.2B |
| Total equity | $319M |
| Cash & equivalents | $106M |